Palos Verdes Homes Report February 2018

Is your home for sale? If so, it is one of only 110 Palos Verdes single family homes for sale on the entire Palos Verdes Peninsula. Yes, inventory continues to be low as we begin the second month of 2018. I have buyers who are patiently waiting (well, maybe not so patiently as the weeks turn into months, and for some, months into years) for “their” Palos Verdes home to come on the market. They have their financial/loan requirements met, they know the neighborhoods they want, but alas, they have to stand on the sideline until the right house comes on the market.

There are currently 72 Palos Verdes single family homes in escrow with accepted offers. 44 Palos Verdes single family homes have sold thus far in 2018.

There is a lot of buzz about off-market sales and pocket listings as a result of the low inventory. I’m not a fan of withholding property from the open market. I think sellers will never know if their house sold for the highest price the market will bear unless said property is offered to all interested prospective buyers. In my opinion, the best way to achieve this is to place the property on the Multiple Listing Service for at least seven to ten days. This will allow the listing to be picked up by many third-party real estate sites and dispersed to the home-hunting public. To do otherwise (again, my opinion) is neglecting my fiduciary duty to the sellers I represent.

Of course, it is always the seller’s right to accept any offer presented. Some sellers may decide the benefits of knowing their property sold as a pocket listing outweighs the hassle of scheduling showings and other inconveniences of selling a house, even if there may be qualified buyers willing to pay a higher price for the property.

The market is ready and waiting for new inventory, but the time to sell is when you are ready to sell.

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Norma Toering is the broker-owner of Charlemagne Intl Properties a boutique real estate company in Los Angeles. She has been a local South Bay real estate agent since 1992. Norma is the most well known & award winning real estate blogger in Palos Verdes. Forbes magazine consulted Norma on Palos Verdes property values when compiling their Forbes 400 list.
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